Daily Currency Report
OverviewEven after the release of relatively dovish minutes from the Bank of England's previous interest rate meeting, the sterling ends the week still on a very strong footing against both the dollar and the euro. GBPThe sterling has had an extremely...
Overview
Even after the release of relatively dovish minutes from the Bank of England's previous interest rate meeting, the sterling ends the week still on a very strong footing against both the dollar and the euro.
GBP
The sterling has had an extremely good week following on from the unexpected interest rate hike late last week. During the middle of the week, the sterling had reached multiple-year highs against the US dollar, euro and Japanese yen. However, the pound has weakened up a little slightly lower than those highs.
USD
The dollar has had a pretty rough time of it recently in the currency markets, falling to a 14-year low against the pound during the mid-week and is also weak against the euro.
EUR
The euro is currently trading at multi-year lows versus the pound. Among the reasons for this was a recent drop in consumer and business confidence in Germany shown by the IFO and GFK reports respectively.
JPY
The yen slipped against most major currencies in early Asian Friday trade, falling towards a four-year low against the dollar after poor CPI data.